FAQs for Existing Customers
For those customers facing uncertainty and financial strains during this uncertain economic period due to coronavirus we’ve developed the below FAQ’s to support, these are for guidance only and each business is being assessed and supported on a case by case basis. If you need more information, please contact our team via email: firstname.lastname@example.org or phone 0161 245 4977.
Information will be updated as soon as we have any updates.
I expect to have cash flow issues which may affect my repayment, what do I do?
Should you foresee or be experiencing cash flow issues please contact us as soon as possible to let our team know. Our team will work with businesses on a case by case basis to reach an outcome suitable for both parties. You can reach our early arrears team on 0161 245 4900
I’ve just received my loan, can I put it on hold?
If you have drawn the loan down then we would be happy to discuss a immediate repayment holiday to support you through this period. There is also the usual cooling off periods, again we’d be happy to discuss can reach us via the above email and telephone numbers.
I’ve just received my loan can I repay it?
Yes, but you would need to complete a new application period if you want to draw the loan again in the future. Alternatively you can ask for a payment holiday.
What will happen if I can’t repay my loan?
Our team are here to help, if you foresee any problems with paying back your loan please contact us as soon as possible so that we can work to support you and your business during this period of uncertainty.
What support is there available for businesses? (including sick pay, business rates relief)
The .Gov.uk website has lots of useful information available for businesses during this uncertain time. This includes guidance for employers and businesses regarding COVID19 as well as business support available which covers the following topics;
- Statutory Sick Pay relief
- a 12-month business rates holiday for all retail, hospitality and leisure businesses in England
- small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
- grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
- the Coronavirus Business Interruption Loan Scheme (CBILS) offering loans for SMEs through the British Business Bank
- a new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
- the HMRC Time To Pay Scheme
Is there any financial support available to my business to support cash flow?
The government have announced new loan and grant schemes to support businesses as well as Bounce Back Loans and the Coronavirus Business Interruption Loan Scheme. More information can be found here.
Is there support available to support adapted businesses processes following COVID-19?
Guidance can be found on the .Gov.uk Website as well as our sister company GC Business Growth Hub.